Quarry Appraisals Clause Samples

Quarry Appraisals. Agent shall have received appraisals from Continental Placer Inc. of such Real Properties on which Borrowers conduct a quarry operation, beginning with the quarries of Borrowers located in Vermont, sufficient to establish to Agent’s satisfaction that (i) the ratio of the Maximum Term Loan Amount to the aggregate fair market value of the appraised quarries is not less than seventy percent (70%) and (ii) the ratio of the Maximum Term Loan Amount to the aggregate orderly liquidation value of the appraised quarries is not more than one hundred percent (100%);